Riyadh - Mubasher: The board of Amana Cooperative Insurance Company has recommended a capital increase of SAR 300 million through a rights issue.
The company will utilise the amount of the capital raise to support its future plans and strengthen the solvency margin position, according to a bourse filing on Tuesday.
The Saudi listed company noted that the capital increase is subject to obtaining the approvals of the related regulatory authorities, adding that the financial advisor will be appointed later.
It is worth noting that a year earlier, Amana got an approval from the Saudi Central Bank (SAMA) to decrease its capital by 45.8% or SAR 110 million to amortise the accumulated losses as of 30 September 2020.
